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2019 Annual Report

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2019 Annual Report CREATING MORE SMILES WITH EVERY SIP AND EVERY BITE FASTER, STRONGER, BETTER. ANNUAL REPORT 2019 OUR VISION: BE THE GLOBAL LEADER IN CONVENIENT FOODS AND BEVERAGES BY WINNING WITH PURPOSE 2019 FINANCIAL HIGHLIGHTS MIX OF NET REVENUE NET REVENUE Frito-Lay North America 25% Food 54% Quaker Foods North America 4% PepsiCo Beverages North America 32% Beverage 46% Latin America 11% Europe 18% Africa, Middle East and South Asia 6% Asia Pacific, Australia and New Zealand and China Region 4% DIVISION OPERATING PROFIT Frito-Lay North America 45% Quaker Foods North America 5% PepsiCo Beverages North America 19% U.S. 58% Latin America 10% Outside U.S. 42% Europe 11% Africa, Middle East and South Asia 6% Asia Pacific, Australia and New Zealand and China Region 4% PEPSICO, INC. AND SUBSIDIARIES (in millions except per share data; all per share amounts assume dilution) Summary of Operations 2019 2018 % Chg (a) Net revenue $ 67,161 $ 64,661 4% Core operating profit (b) $ 10,602 $ 10,620 — Reported earnings per share $ 5.20 $ 8.78 (41)% Core earnings per share (c) $ 5.53 $ 5.66 (2)% Free cash flow (d) $ 5,587 $ 6,267 (11)% Capital spending $ 4,232 $ 3,282 29% Common share repurchases $ 3,000 $ 2,000 50% Dividends paid $ 5,304 $ 4,930 8% (a) Percentage changes are based on unrounded amounts. (b) Excludes the mark-to-market net impact of our commodity derivatives, restructuring and impairment charges, as well as merger and integration charges in both years. In 2019, also excludes inventory fair value adjustments. See page 143 “Reconciliation of GAAP and Non-GAAP Information” for a reconciliation to the most directly comparable financial measure in accordance with GAAP. 2019 reported operating profit increased 2%. (c) Excludes the mark-to-market net impact of our commodity derivatives, restructuring and impairment charges, merger and integration charges, as well as net tax related to the Tax Cuts and Jobs Act (TCJ Act) in both years. In 2019, also excludes inventory fair value adjustments and pension-related settlement charges. In 2018, also excludes other net tax benefits and charges related to cash tender and exchange offers. See page 56 “Results of Operations — ​Other Consolidated Results” in Management’s Discussion and Analysis of Financial Condition and Results of Operations, and page 143 “Reconciliation of GAAP and Non-GAAP Information” for a reconciliation to the most directly comparable financial measure in accordance with GAAP. (d) Includes the impact of net capital spending. See page 64 “Our Liquidity and Capital Resources” in Management’s Discussion and Analysis of Financial Condition and Results of Operations, and page 143 “Reconciliation of GAAP and Non-GAAP Information” for a reconciliation to the most directly comparable financial measure in accordance with GAAP. 2019 net cash provided by operating activities increased 2.5%. SUSTAINABILITY PROGRESS HIGHLIGHTS We are making significant progress in our sustainability journey, using our scale, reach, and expertise for good — ​to catalyze change and help build a more sustainable food system that can meet 21st century needs. By partnering with our peers, governments, nongovernmental organizations, and the communities where we operate, we are focusing on our most impactful areas, building a stronger future for our business and for society. For more information on our sustainability progress, please visit pepsico.com/sustainability. 100% In 2020, we’re transitioning to 100% renewable Climate Action electricity in our U.S. direct operations 9% Operational water-use efficiency improved Positive Water Impact by 9% in high-water-risk areas since 20151, 2 ~80% Nearly 80% of our direct commodities (potatoes, whole corn, oats and Next Generation Agriculture oranges) are sustainably sourced1 We’ve expanded our portfolio to help meet consumers’ needs for a balanced diet with products such as bare, Health Warrior, Improved Choices Across Gatorade Zero and Pepsi Zero Sugar Our Portfolio 41% Women hold 41% of our global manager positions,3 showing progress toward People & Prosperity our target of 50% by 20251 67B Through the expansion of our SodaStream business, an estimated Circular Future for Packaging 67 billion single-use plastic bottles will be avoided through 2025 1. As of 2019 2. The SodaStream acquisition is not included in the presented metric because data was not readily available. This exclusion is estimated to be not statistically consequential. 3. Based on full-time and part-time employees 2019 PepsiCo Annual Report • Our rate of organic revenue growth accelerated to 4.5 percent — our fastest rate of growth since 2015. • All our divisions contributed to this WE ASPIRE growth, including an 8 percent increase in organic revenue in developing and TO DELIVER emerging markets and a 3 percent increase in developed markets. MORE THAN • We delivered in excess of $1 billion in productivity savings. 2 BILLION • We are gaining share in the majority of our top markets in both snacks and beverages. SMILES A DAY These results were driven by two critical RAMON L. LAGUARTA forces: the tireless, dedicated work of our PepsiCo Chairman of the Board of Directors world-class associates — approximately and Chief Executive Officer 267,000 strong, serving customers and BECOMING FASTER MEANS consumers in more than 200 countries and territories around the world — ​and • Broadening our portfolios to our targeted investments to make PepsiCo win locally in convenient foods DEAR FELLOW Faster, Stronger, and Better. and beverages SHAREHOLDERS, We’re investing to become Faster by winning • Fortifying our North American in the marketplace, being more consumer- businesses When I became CEO in the fall of 2018, centric and accelerating investment for I inherited a company that was built to • Accelerating international topline growth; Stronger by transforming compete in the marketplace and continue expansion, with disciplined focus our capabilities, cost, and culture to operate delivering good performance. In many on “right-to-win” markets as one PepsiCo, leveraging technology, ways, we were operating from a position winning locally and globally enabled; of strength. But we knew we hadn’t yet and Better at integrating purpose into our unlocked our true potential, and at PepsiCo, business strategy and brands, whilst doing just good is not good enough. So, we even more for our planet and people. decided to embark on a journey to become a great company in every sense of the We’re making tremendous strides on Accelerating innovation, including new word — ​great in the marketplace, great in • all fronts. During 2019, we invested in innovations like Gatorade Zero, bubly, our capabilities and talent, great for the becoming Faster by: Lay’s Yam, and Off the Eaten Path, as sustainability of our planet and communities. well as innovations we’re lifting and Increasing our global advertising and scaling around the world like Pepsi Black, A little over one year later, that journey is far • marketing spending by more than Poppables, Flamin’ Hot, and Lay’s Baked from finished, but I can say with confidence 12 percent for the full year, reflecting Potato Chips. that our strategy is working, as evidenced by investments across snacks and beverages, the results we delivered in 2019 — ​meeting in both our large, established brands and While we intend to continue to invest back or exceeding all of the financial objectives our emerging brands; into the business, we know that sustaining we had set out for the year:1 higher growth will require building Stronger • Expanding our market presence by capabilities, ones which will be difficult increasing route capacity, adding to match competitively. During 2019, we merchandising racks and coolers, and enhanced our consumer- and customer- advancing the technologies we deploy to facing capabilities, strengthened our 1. Full-year 2019 reported net revenue increased 3.9%. Full- drive greater and more precise execution; year 2019 developing and emerging markets reported organizational culture, and transformed net revenue increased 2%. Full-year 2019 developed • Investing in additional manufacturing our cost management. Specifically: markets reported net revenue increased 4.5%. Organic capacity to remove bottlenecks and revenue growth is a non-GAAP financial measure. Please refer to “Reconciliation of GAAP and Non-GAAP increase growth capacity for our products. • We invested in data analytics and other Information” beginning on page 143 of this Annual This includes investments in new plants, information technology to build consumer Report for definitions and more information about these results, including a reconciliation to the most directly new lines, and added distribution intimacy and achieve “Precision at Scale.” comparable financial measure in accordance with GAAP. infrastructure; and By capturing and analyzing more-granular, 2019 PepsiCo Annual Report OUR MISSION consumer-level data, we can understand the consumer in a more individualized way to both customize communication and BECOMING STRONGER MEANS execute in every store with precisely the CREATE right products, placed in the right location, • Driving savings through holistic at the right price; cost management to reinvest to win in the marketplace MORE • We strengthened our omnichannel capabilities, particularly in e-commerce, • Developing and scaling core where our measured retail sales were capabilities globally through SMILES nearly $2 billion in 2019. To meet the technology growing need across channels for greater • Building differentiated
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